Always consider registering your business with authorities and acquiring a Certificate of Business plus relevant documents in order to avoid future inconveniences.
THINGS TO FIRST CONSIDER
- The Idea
For every good idea you have, there are hundreds of people out there who have the exact same idea…did someone else already beat you to the punch? A prudent approach is to research your idea from top to bottom looking to see if your idea already exists. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or a different, better approach to the idea.
2. The Plan
Create a business plan. Many people skip right past this step and end up backtracking. Creating your business plan at the beginning will help guide your vision and direction as you continue along with your entrepreneurial journey. Think of your business plan as your blueprint, you wouldn’t just start building a house without a plan, would you?
3 The business Entity
Deciding how to legally structure your business can become very tricky. They each have their pros and cons and it’s best to talk to your lawyer or CPA to decide which is right for you.
4 Who is your Circle
You have to decide where you and your business will be going, how you will be going to get there, and who will be going with you. Make sure you have trusted people among your business associates. Will you be able to thrive in the business alone or do you need employees?
Who is your target market? Before you commence business, begin by creating a marketing strategy, you will also need to define your target market. By target market we mean, the specific group of people that your business has created services and products for.
6. Do you believe you know everything
Anything good can happen or go wrong in business. Advice from some of the most successful entrepreneurs involved in the modern-day business is that they wish they didn’t know everything before they started doing business.
Businesses and the Economy are dynamic and unexpected things are bound to come up. Do yourself the favor of checking things out before you jump in but be prepared to deviate as needed and go with the flow.
Create your own business website as this is one of the most important things in growing and managing different aspects of the business on the client side.
You want it to be an accurate representation of you and your products or services. Using Google Apps, you can also create email addresses for you and your team that ends in your domain name.
How are you going to finance your business? Consider the modes of payment by your clientele.
Accounting and Finances are very intimidating and exhausting aspects of running your business, but it doesn’t have to be that way.